Newtown Sq, PA -- (SBWIRE) -- 11/11/2019 -- Many Americans think that the original Medicare is enough to get by, but it may not be enough.
Many older Americans feel that Medicare is a one-stop health insurance solution for their medical care, but the reality today is that with rising health care expenses and people living longer, Medicare just does not cover everything. Moreover, the number of Americans retiring daily has doubled since 2000, and approximately 10,000 people turn 65 every single day. Within the next 10 years, that number is expected to increase to 12,000 people turning 65 every day. By 2030 all baby boomers are going to be over the age of 65.
While Medicare covers things such as medical tests, stays in hospital and doctor visits, there is a lot more that it does not cover. Additionally the out-of-pocket expenses can be staggering. For example, Medicare only covers roughly 80 percent of outpatient costs. The gap then needs to be filled by supplemental coverage. Put another way, older Americans are likely going to need more than just the basic Medicare to make sure all of their medical needs are covered.
The most common supplemental plans are Medicare Part A and Part B. However, Medicare Part A and B cannot be the only coverage seniors have. These plans do not offer coverage for essentials like hearing aids, dentures, prescriptions or glasses. The second issue is the fact that original Medicare's out-of-pocket expenditures have no cap, so the 20 percent share of outpatient costs in Part B can be very pricey.
In an effort to cover more care needed by seniors is for them to try other alternatives such as Medicare Part C (Medicare Advantage) and also add Part D, prescription drug coverage. Overall, the best approach for a senior is to choose a Part C Medicare Advantage Plan or choose original Medicare plus Part D or choose Medicare supplement insurance (Medigap). Medigap does not offer coverage for prescriptions, vision, dental or hearing aids. One other possible option is to sign up for Medicaid to partner it with Medicare.
"The changing Medicare/Medicaid landscape can be frightening for seniors and those about to turn 65. I would actively encourage those needing Medicare to do the research, ask questions, shop with a list of must have items and carefully choose what they feel would work the best for them," stated Clelland Green, RHU, CEO benepath.com
Any Medicare insurance agent knows all of the ins and outs of Medicare and is subsequently in a good position to be able to help older Americans get what they need at a budget that works for them.